Undoubtedly, we live in a different world today. But certain parallels can still be drawn. The Fed’s current stance is that inflation is likely to be transitory.
The recovery in domestic demand is extending to the Euro area, but with this comes with more signs of supply-side constraints. China can fill the gap, with some thorny consequences for international relations.
The ECB are working against a correlation with US interest rates, as they are behind what they need to achieve in terms of inflation, and there are no expectations they will meet their target anytime soon.